This weekend, focus will be drawn away from the auction market with more eyes shifting towards the Federal Election outcome this Saturday. Currently, CoreLogic is tracking 754 capital city auctions, down substantially compared to both last week (2,218) and one year ago (1,674).
In each of the individual capital city markets, auction activity will fall this week, with Melbourne, Brisbane and Sydney showing the greatest falls in activity on a week-on-week basis. In Tasmania, however, auction activity will remain relatively steady, with 11 auctions scheduled across the state, compared to 10 last week.
Capital city auctions this week:
- Sydney: 317
- Melbourne: 249
- Brisbane: 58
- Adelaide: 67
- Perth: 27
- Canberra: 25
With auction activity lower this week, the busiest individual suburb for auctions is Melbourne’s Craigieburn with 11 scheduled. Following Craigieburn is Sydney’s Mosman and Melbourne’s Noble Park and Reservoir, each with 6 auctions.
Summary of last week’s results:
The final auction results for last week show that 66.4 per cent of capital city auctions were successful, down from 67.4 per cent over the previous week.
In the two largest auction markets of Sydney and Melbourne, the weekly results were quite different. While Melbourne’s clearance rate fell to 67.3 per cent over the week, Sydney’s clearance rate remained steady at 73.5 per cent. Last week was the busiest week for Sydney auctions since the final week in April, when the clearance rate for the city was lower (71.7 per cent).
In Brisbane, the number of auctions held last week (175) represented the busiest week for auctions since four weeks ago, and the clearance rate fell to a similar level, down to 41.8 per cent.
It is important to note that while Wollongong saw all reported auctions clearing, there were only 12 results reported to CoreLogic over the week. Outside of Wollongong, the only other regional market to record a week-on-week rise in clearance rates was the Gold Coast, up from 40.8 per cent the previous week to 52.1 per cent last week.